Quebec · CCAA
Report of the Proposed Monitor (in french)
Pre-filing report · 24 September 2022
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing2 verified
- financial positionnote: Shareholders' equity deficit of $112.4M at Aug 31 2022 (from $95.5M at FY2021 and $76.5M at Dec 31 2020); financial statements do not reflect adjustments for restructuring-related asset value changes or claims arising from CCAA process · page: 6 · as at: 2022-08-31 · basis: Unaudited interim consolidated financial statements for the 8-month period ended August 31, 2022 (filed under seal as Annexe A); prior audited financials for FY2021 ended Dec 31, 2021 also under seal (Annexe B) · scope: Consolidated - Groupe Endo (Endoceutics inc. and its subsidiaries Endoceutics Pharma (MSH) inc., Endoceutics Pharma (Québec) inc., Endoceutics Pharma (USA) inc., Endoceutics SA) · currency: CAD · total liabilities: 148000000
- secured creditorsnote: Balance of USD/CAD debt stated as $72.3M at Aug 31 2022; additional back-end facility fee estimated at USD 6.6M not yet included; quarterly interest payment of USD 1.9M and principal repayment of USD 3.0M due Sept 30 2022 which Debtors cannot fund; security also extends to HSBC bank accounts via Deposit Account Control Agreements (May 2017) tied to the universal hypothec · page: 7 · as of: 2022-08-31 · amount: 72300000 · debtor: Endoceutics inc. (with guarantees from Endoceutics Pharma (MSH) inc. and Endoceutics Pharma (Québec) inc.) · creditor: CRG Servicing LLC · currency: CAD · security: Universal hypothec/security over all movable and immovable property of Endoceutics inc., Endoceutics Pharma (MSH) inc. and Endoceutics Pharma (Québec) inc. (incl. IP rights, cash, receivables, inventory, equipment); hypothecs on Endorecherche inc. IP (Intrarosa-related) registered up to $170M each; term loan facility limit of USD 55M obtained November 2016 (13.5% annual interest); guarantees by Endoceutics Pharma (MSH) inc. and Endoceutics Pharma (Québec) inc. capped at USD 85M